Indices trade with modest losses; European mkt opens higher

The frontline equity indices traded with limited losses in afternoon trade. The Nifty traded below the 21,700 level. PSU Bank, media and metal shares advanced while financial services, FMCG and pharma stocks declined.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was down 340.87 points or 0.47% to 71,600.70. The Nifty 50 index lost 59.20 points or 0.27% to 21,678.40.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.26% and the S&P BSE Small-Cap index gained 0.78%.

The market breadth was positive. On the BSE, 2,166 shares rose and 1,586 shares fell. A total of 96 shares were unchanged.

Gainers & Losers:

Bharat Petroleum Corporation (BPCL) (up 4.47%), Hindalco Industries (up 2.63%), Oil and Natural Gas Corporation (up 2.59%), Tata Motors (up 2.53%) and Hindustan Unilever (up 2.01%) were major Nifty gainers.

Bajaj Finance (down 4.56%), ITC (down 1.89%), Reliance Industries (down 1.55%), NTPC (down 1.54%) and Sun Pharmaceutical Industries (down 1.45%) were major Nifty losers.

Bajaj Finance fell 4.56%. The non-banking financial company (NBFC) reported 22.4% increase in consolidated net profit to Rs 3,638.95 crore on a 31.3% jump in total income to Rs 14,165.98 crore in Q3 FY24 as compared with Q3 FY23.

ITC slipped 1.89%. The company reported consolidated net profit of Rs 5406.52 crore in Q3 FY24 as compared to net profit of Rs 5080.25 crore in Q3 FY23. Total income stood at Rs 20141.33 crore in Q3 FY24 as compared to Rs 19616.08 crore in Q3 FY23. The board of directors of the company have declared an interim dividend of Rs 6.25 per share. The record date is 8th February 2024.

NTPC declined 1.54%. The company reported consolidated net profit of Rs 5208.87 crore in Q3 FY24 as compared to net profit of Rs 4854.36 crore in Q3 FY23. Total income stood at Rs 42820.38 crore in Q3 FY24 as compared to Rs 44601.84 crore in Q3 FY23.

Stocks in Spotlight:

Vodafone Idea shed 0.82%. The company reported consolidated net loss of Rs 6,989 crore in Q3 FY24 as compared to net loss of Rs 7988 crore in Q3 FY23. Revenue stood at Rs 10673.1 crore in Q3 FY24 as compared to Rs 10620.6 crore in Q3 FY23.

Larsen & Toubro (L&T) shed 0.90%. The firm said that the Renewable EPC arm of its power transmission & distribution business has been chosen as the turnkey engineering, procurement and construction contractor to establish a 1800MWac solar photovoltaic plant in Dubai, UAE

Global Markets:

European shares advanced while Asian stocks traded mixed on Tuesday as market participants looked forward to the rate decision by the Federal Reserve, scheduled for release on Wednesday.

US stocks advanced on Monday as market participants looked ahead to this week`s slew of megacap earnings, economic data and the Federal Reserve`s monetary policy meeting.

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